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Australia's Westpac Applies for Yuan License

By

Lingling Wei

Updated June 28, 2011 12:08 p.m. ET

BEIJING—Australia's Westpac Banking Corp. has applied to conduct local-currency banking in mainland China, joining a growing list of foreign banks seeking to beef up yuan-related services amid increasing use of the currency in international transactions.

A yuan license from the China Banking Regulatory Commission would boost Sydney-based Westpac's ability to finance cross-border trade in the yuan, also known as the renminbi, and to make loans in the Chinese currency, Rob Whitfield, head of Westpac's institutional bank...